The journey to bolster cybersecurity at the RBNZ commenced with an unexpected attack in 2020, revealing vulnerabilities within its supply chain. Investigations pinpointed a lack of investment in technology modernization and capability as key weaknesses. In response, the RBNZ dedicated an additional $9 million to strengthen its cybersecurity posture.
To fortify its infrastructure, the RBNZ transitioned its servers to Datacom’s infrastructure, a move costing nearly $6 million. This transition was pivotal in mitigating risks associated with outdated infrastructure and fostering a more secure digital environment.
Moreover, the bank replaced its third-party file transfer application, Accellion, with Box after the breach. This change was aimed at enhancing data protection and overall cyber resilience.
In addressing gaps in cyber resilience, the RBNZ initiated a business services improvement program. This led to the establishment of security operations centers, the implementation of security incident and event management (SIEM) systems, and the completion of various cybersecurity projects.
Despite these efforts, the bank faced challenges, including a significant increase in software licensing costs from 2019 to 2023 and an unmet goal to expand its staff from 63 to 85 due to the reallocation of funds towards computer services and resilience projects.
The RBNZ’s proactive approach to cybersecurity not only safeguards its assets but also sets a precedent for a secure financial future. This commitment to modernization and security, despite facing numerous challenges, illustrates that progress is achievable even in adversity. The RBNZ’s story highlights the ongoing importance of vigilance in the rapidly evolving digital landscape.
Source: BNN
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